What is EDLI

Employees' Deposit - Linked Insurance Scheme is formed in the year 1976 to provide life insurance benefits to the employees of the establishments covered by the EPF & MP Act,1952.On the death of an employment while in sevice a lump sum insurance amount is payableto his nominee or family members. The insurance amount is equal to the average balance in the account of the deceased employee in the Provident Fund during a period of 12 months immediately preceding the detath. In Case the average balance exceeds Rs.35,000/- the insurance amount payable is Rs.35,000/- plus 25% of the amount in excess of Rs.35,000/- subject to a ceiling of Rs.60,000/-.

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Employee Provident Fund Act, 1952 (PF)

Objective

The Employee's provident funds and miscellaneous provisions act, 1952 is enacted to provide a kind of social security to the industrial workers. The Act mainly provides retirement or old age benefits, such as Provident Fund, Superannuation Pension, Invalidation Pension, Family Pension and Deposit Linked Insurance.

Applicability of the Act

To every factory employing 20 or more persons.

An employee whose pay at the time he is otherwise entitled to become a member of the fund exceeds Rs.6500/- per month

An Employee who having been a member of the fund, has withdrawn the fullamount of his contribution in the fund (a) on retirement from service after attaining the age of 55 years or (b) before migration from India for permanent settlement abroad; or for taking employement abroad.